Research notes

The note reports Jio Platforms is likely to seek a valuation of about Rs 11 trillion ($114 billion) in its planned IPO, short of earlier expectations.

The note reports HAL is set to establish a second Shakti engine production line at its Koraput facility amid rising orders for indigenous military helicopters, and lists it among positive derivative setups.

The note says Trent surged 12% to close at Rs 2,906 after an impressive Q2 business update and lists it among stocks with a positive derivatives setup.

The report lists TechM among stocks showing weakness in the derivative setup.

The report lists Bandhan Bank among stocks showing weakness in the derivative setup.

The report lists Phoenix Mills among stocks showing weakness in the derivative setup.

The report states Amber Enterprises incorporated a new wholly owned subsidiary, Amber Digital Technologies, to manufacture mobile phones.

The note reports Lupin launched Formoflo-G MDI, a triple-combination inhaler for COPD management in India.

The report states the company secured new orders worth Rs 412 crore in its core Transmission & Distribution business.

The note reports Honasa expects an early double-digit operating margin and early-thirties NSV growth for the quarter, with Mamaearth growing high-teens and younger brands growing around mid-forties.

The report states HAL is set to add a second Shakti engine production line at its Koraput facility to expand domestic propulsion capacity amid rising helicopter orders, and lists it among stocks with a positive derivative setup.

The note reports that Jio Platforms is said to be seeking about an $114 billion (Rs11 trillion) valuation in its planned IPO, below earlier expectations.

The report notes Trent surged 12% to close at ₹2,906 after an impressive Q2 business update and lists it among stocks with a positive derivative setup.

The note says Shakti Pumps bagged a Rs 112.2 crore order from MSEDCL for solar pumping systems.

The note says Max Estates reported Rs 2,100 crore of pre-sales in Q2.

The note says H.G. Infra received relief as the Bengaluru tax department withdrew a Rs 94 crore demand.

The report states Shakti Pumps bagged a Rs 112.2 crore order from MSEDCL for solar pumping systems.

The report states Max Estates reported Rs 2,100 crore pre-sales in Q2.

The report notes that the Bengaluru tax department withdrew a Rs 94 crore demand against H.G. Infra.

The report reiterates a BUY rating with a Sep-27 target price of INR 550 (5x EV/sales), citing strong offline execution by Mamaearth and The Derma Co, scaling of younger brands like Aqualogica, Dr. Seth's, BBlunt and Reginald, and management's confidence of sustaining 12-12.5% margins in FY27 with gradual expansion thereafter, while modeling 18% revenue CAGR and 29% EBITDA CAGR over FY26-29E.

The note says the stock has formed a strong bullish daily candle with rising volumes, an intraday bullish breakout, price above key moving averages and a positive RSI, and suggests buying in the 5018.20-5045 range with add-on-dip at 4911, stop loss 4845 and target 5270 over up to 15 days.

The note recommends buying USHAMART in the range of 522-516.20 with a stop-loss of 490 and a target of 552 over a time horizon of up to 10 days, citing an upside bounce, breakout of narrow range movement, rising volumes, a positive candlestick pattern and positive momentum oscillator readings.

The report maintains a REDUCE rating with a revised RI-based target price of INR 595 (2.5x Sep-28 ABVPS; 16x Sep-28 EPS), citing muted growth, pressured revenue pools and steady-state RoA/RoE significantly below pre-pandemic levels despite improving asset quality.

The note says the company has secured contracts worth Rs 72.76 crore from Power Grid Corporation for supply of HTLS conductors and reconductoring of two 132 kV transmission lines.

The note says Adani Power and Bhutan's Druk Green Power Corp have signed a shareholders agreement for a 770 MW Chamkharchhu hydropower project.